SCHIEDAM, THE NETHERLANDS--(Marketwire - Jun 15, 2012) - SBM Offshore is pleased to
announce that it has received a letter of interim
award (LOIA) from Shell for the supply, lease and operation of a FPSO for
the
Fram field in the UK sector of the North Sea. The LOIA allows SBM Offshore
to
commence engineering and procurement of long lead items to ensure timely
completion of the planned Fram FPSO project, which is subject to a Final
Investment Decision.

In March 2012, Shell and SBM Offshore signed an Enterprise Framework
Agreement
(EFA) covering a term of five years, with an option to extend for another
five
years, to supply small and medium sized FPSOs globally on a lease and
operate
basis. The Fram FPSO, subject to a Final Investment Decision, will be the
first
project to be developed under the terms of the EFA.

The hull of the FPSO will be based on a converted Aframax tanker and will
incorporate an internal turret permanent mooring system. The crude will be
offloaded to shuttle tankers and the gas exported via the existing Fulmar
pipeline.

Bruno Chabas CEO of SBM Offshore said: "We are delighted by the letter of
interim award for this FPSO lease and operate project in the North Sea for
Shell. This award reaffirms our strategy to focus on FPSOs as we develop
SBM
Offshore's position as the world's leading FPSO provider. The agreement
signed
earlier in the year is a commitment to work with Shell on a long term basis
to
develop offshore floating solutions. We look forward to developing many
more
FPSO projects with Shell around the world in the future".

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